News & Awards

News & Awards

News & Awards

UP Development Awarded Federal 9% Tax Credits for Two New Developments

Posted on: June 20th, 2015 by

On June 18, 2015 Illinois Housing Development Authority announced the awards from the first round of 2015 LIHTC applications. UP Development was the recipient of allocations for two separate projects, totaling $1.72 million in federal low income housing tax credits. These allocations will generate approximately $18 million in private equity towards the construction of the developments. IHDA only selected 9 total projects in this round across the state.

(Rendering by UrbanWorks Architects)

Back of the Yards Residences and Dance Studio will be a 30 unit, new construction affordable housing development for individuals and families in Chicago. There will be one, two, and three-bedroom apartments. The building will include a community room, property management office, and a dance studio on the first floor. The project will also incorporate green and energy efficient design components. The Project will serve a critical need in the community by providing quality affordable rental apartments in the Back of the Yards neighborhood.

UP Development, LLC is partnering with the Back of the Yards Neighborhood Council (BYNC) to help realize the organization’s mission statement to “enhance the general welfare of all residents, organizations, and businesses in our service area.”

(Rendering by Tinaglia Architects)

Parkview will be a 45 unit, new construction apartment building with first floor retail space in downtown Arlington Heights that will serve a mix on individuals and families of all income ranges. The building will include two floors of indoor parking and five floors of residential apartments, including one, two, and three bedroom units. Parkview will add an attractive, energy efficient, and high quality construction building to the neighborhood that will not only add needed affordable units to the area, but also contribute to the economic growth of the community.